Last week, the China Securities Regulatory Commission publicly solicited opinions on revising the Measures for the Operation and Management of Securities Investment Funds. According to the revised explanation, it is proposed to increase the lower limit of stock fund positions from 60% to 80%. At first glance, it seems that it has increased the holding positions of funds and injected funds into the stock market, but when I think about it carefully, I think it has also brought great difficulty to our investors to choose to buy stock funds. So, next, I will briefly talk about several issues that need to be paid attention to when choosing and buying stock funds. "1, the impact of the new regulations on equity funds: We know that equity funds mainly invest in A shares, so with the rise and fall of the market, their net value basically changes synchronously. If you want to outperform the market or lead the industry in yield, then stock selection and fund management are two important determinants. From the perspective of stock selection, it is difficult to define who is the most accurate in one sentence, because each fund manager has different investment ideas and logic. For a large investment fund, fund management, which is often called position control, often has a significant impact on the net value of the fund. Generally speaking, when the market is in an obvious rising cycle stage, the positions of funds are generally full, and in order to strive for the maximum income, they will basically exceed 90%. When the market enters a downward phase, everyone will compare who runs faster. Obviously, a fund with a position of about 60% will lose much less in the decline than a fund with a position of more than 80%. This shows that after the new regulations, the losses suffered by stock funds in the falling market are likely to exceed those in the past, which is also a greater risk that the people may suffer. This requires us to spend more time on the selection and purchase of partial stock funds; 2. To buy stock funds, we must first select people: in the face of hundreds of funds, we are pursuing the best rate of return and the least risk, and whether a fund can achieve good performance depends on the investment decision of the fund manager, so we must first study from the manager of this fund. A good manager can accurately grasp the ups and downs of the general trend and hot spots in the market, seize profits, avoid risks and bring good returns to investors. From the performance of historical funds, we can all find such leaders, and the fund income they manage is always among the best. Therefore, before buying a fund, it is necessary to spend some time to understand the situation of the fund manager, such as the manager's work experience, historical performance, investment philosophy and so on. If possible, you can even go to the fund company to interview the manager and get a more intuitive impression. Only by finding a reliable manager can you entrust some assets to him for management; 3. Equity funds should also choose potential: As the positions of equity funds increase, the space for managers to move in positions will be very limited. Therefore, stock funds will inevitably be dragged down by the market decline, which reminds us that when buying stock funds, we may also pay attention to the rhythm of market ups and downs, which is the general trend. For example, in the stage of continuous market rise, due to the fund's high position operation, although the net value continues to grow, it also hides the inevitable risk of market decline. Therefore, after the market continues to rise for a period of time, it is still necessary to buy partial stock funds cautiously. If you must buy, you can buy some hybrid funds containing bonds appropriately to avoid the risk of market decline. This is similar to the stock market not chasing high. When the market has been falling for a period of time, combined with the judgment of the general trend, it is possible to enter the rising cycle, and you can buy stock funds appropriately. At this point, the net value has fallen to a more reasonable position, and you have already held a relatively high proportion of stock positions. Once the market turns, the income is also considerable; 4. Equity funds also need to sell high and suck low: with the increase of equity fund positions, equity funds gradually have similar fluctuation characteristics to A shares. Even for some passive funds, the net value is basically synchronized with the index of the broader market. Therefore, for the basic people, if they are not prepared to hold stocks for a long time to obtain investment income, they can sell high and suck low according to the ups and downs of the market. That is to say, after the market rises sharply, cash out some equity funds in time, and gradually repurchase equity funds after the market continues to fall, so as to maximize the investment income.